Hancock Holding Co. Trims Position in Synopsys, Inc. (SNPS)
Hancock Holding Co. lessened its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 6.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 202,825 shares of the semiconductor company’s stock after selling 14,125 shares during the quarter. Hancock Holding Co. owned 0.13% of Synopsys worth $14,792,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of SNPS. BlackRock Inc. increased its position in Synopsys by 3,273.6% during the first quarter. BlackRock Inc. now owns 12,796,224 shares of the semiconductor company’s stock valued at $922,991,000 after acquiring an additional 12,416,921 shares during the last quarter. Vanguard Group Inc. increased its position in Synopsys by 21.6% during the first quarter. Vanguard Group Inc. now owns 15,031,207 shares of the semiconductor company’s stock valued at $1,084,201,000 after acquiring an additional 2,672,954 shares during the last quarter. State Street Corp increased its position in Synopsys by 19.9% during the first quarter. State Street Corp now owns 7,240,263 shares of the semiconductor company’s stock valued at $522,251,000 after acquiring an additional 1,201,269 shares during the last quarter. AJO LP increased its position in Synopsys by 132.1% during the second quarter. AJO LP now owns 1,449,128 shares of the semiconductor company’s stock valued at $105,685,000 after acquiring an additional 824,879 shares during the last quarter. Finally, Morgan Stanley increased its position in Synopsys by 155.6% during the first quarter. Morgan Stanley now owns 1,081,104 shares of the semiconductor company’s stock valued at $77,979,000 after acquiring an additional 658,199 shares during the last quarter. Institutional investors own 88.94% of the company’s stock.
In other news, CEO Chi-Foon Chan sold 3,750 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $77.50, for a total value of $290,625.00. Following the completion of the transaction, the chief executive officer now owns 200,429 shares of the company’s stock, valued at approximately $15,533,247.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Joseph W. Logan sold 5,000 shares of the business’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $76.99, for a total value of $384,950.00. Following the completion of the transaction, the executive vice president now directly owns 63,793 shares of the company’s stock, valued at approximately $4,911,423.07. The disclosure for this sale can be found here. Insiders own 1.82% of the company’s stock.
SNPS has been the subject of a number of analyst reports. Zacks Investment Research upgraded Synopsys from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research report on Friday. Credit Suisse Group restated a “positive” rating and issued a $90.00 price target (up previously from $82.00) on shares of Synopsys in a research report on Tuesday, August 15th. BidaskClub upgraded Synopsys from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. Needham & Company LLC restated a “buy” rating and issued a $83.00 price target (up previously from $77.00) on shares of Synopsys in a research report on Thursday, August 17th. Finally, HSBC Holdings plc restated an “average” rating on shares of Synopsys in a research report on Thursday, September 14th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $83.88.
Shares of Synopsys, Inc. (NASDAQ SNPS) traded up 0.37% during mid-day trading on Friday, reaching $80.36. The company’s stock had a trading volume of 471,250 shares. The firm has a market cap of $12.07 billion, a P/E ratio of 37.73 and a beta of 0.99. Synopsys, Inc. has a 12-month low of $56.03 and a 12-month high of $81.57. The firm’s 50-day moving average price is $78.47 and its 200 day moving average price is $74.70.
Synopsys (NASDAQ:SNPS) last issued its quarterly earnings data on Wednesday, August 16th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.92. The business had revenue of $695.40 million during the quarter, compared to analysts’ expectations of $691.22 million. Synopsys had a return on equity of 11.60% and a net margin of 12.37%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 EPS. On average, analysts expect that Synopsys, Inc. will post $3.31 EPS for the current year.
Synopsys declared that its Board of Directors has authorized a stock buyback plan on Friday, June 16th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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Synopsys Company Profile
Synopsys, Inc provides software, intellectual property (IP) and services. The Company supplies the electronic design automation (EDA) software that engineers use to design and test integrated circuits, also known as chips. It also offers IP products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves.
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